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When applying for a credit card, is it advisable to close credit card accounts that haven’t been used for a number of years and were paid off? Specifically one that has not been used for 12 years? It still has a high credit card limit. Would this affect my credit score or approval?
Answer: Closing old accounts could affect your credit score, but in a negative way. Part of the credit score calculation is the average age of your accounts. By removing an old account you are reducing the average account age and thus potentially damaging your credit score.
More questions:
- Can my husband and I give one of our credit cards to our daughter to use for a limited amount of time?
- Does it affect your credit score when a credit card company closes your account?
- How do you deal with credit card debt?
- How much do you pay each month for a credit card?
- I am 22 years old, and I will be soon applying for my first credit card.
- I have like 8 active credit cards and 1 charge card
- I have two credit cards and I am unable to pay off the balance. What do I do?
- What are some hidden fees which occur when transfering a balance?
- What are some ways to start building good credit?
- What are things you should consider when deciding which credit card to apply for?
- What is the best offer you’ve seen for a rewards credit card for business?
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